SMN vs. QLD
SMN (ProShares UltraShort Basic Materials) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SMN returned -25.09%/yr vs 36.10%/yr for QLD. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SMN has underperformed QLD with an annualized return of -25.09%, while QLD has yielded a comparatively higher 36.10% annualized return.
SMN
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
SMN vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SMN and QLD is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007 | -0.64 |
Over the past year, the inverse relationship between SMN and QLD has weakened: their correlation has moved from -0.64 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. QLD — Risk / Return Rank
SMN
QLD
SMN vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra QQQ (QLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SMN | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.56 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.41 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.42 | -4.17 |
| Martin ratioReturn relative to average drawdown | -1.36 | 11.92 | -13.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMN | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.70 | -3.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.58 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.81 | -1.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.60 | -1.13 |
Drawdowns
SMN vs. QLD - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SMN and QLD.
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Drawdown Indicators
| SMN | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -83.13% | -16.79% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -25.13% | -13.39% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -42.29% | -11.42% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -63.68% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | -63.68% | -31.71% |
Current DrawdownCurrent decline from peak | -99.91% | -0.53% | -99.38% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -18.17% | -72.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 7.20% | +14.05% |
Volatility
SMN vs. QLD - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 8.90% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 24.08% | +2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 31.85% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 44.74% | -5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 44.56% | -1.66% |
SMN vs. QLD - Expense Ratio Comparison
Both SMN and QLD have an expense ratio of 0.95%.
Dividends
SMN vs. QLD - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, more than QLD's 0.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SMN ProShares UltraShort Basic Materials | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and QLD have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (11.58%) compared to QLD (8.90%). In terms of maximum drawdown, SMN dropped -99.92% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -25.09% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.10% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and QLD have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 4.62%, compared with 0.12% for QLD.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -0.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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